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In our opinion, blockchain technology and non-fungible tokens (NFTs) are the perfect tools to revolutionize the traditional fine art industry, benefiting both artists and collectors.With this in mind, Invictus NFT Lab’s first Out of Africa series aims to boost sales via the Ethereum blockchain Professionally curated collection of 118 unique physical artworks Top artistic talent from Southern Africa.
Throughout history, major socioeconomic changes have largely occurred only when a new generation replaced an older, more opinionated generation. Often, these changes are required or facilitated by technological developments. For millennials and Gen Z, growing up in an era where computers, the internet and smartphones have revolutionized the way we live has made these generations skeptical of many traditional institutions that have failed to adapt.
The fine art world is a field that is at risk of falling behind. A static business model that has remained unchanged for decades will pass on a large number of middleman costs – hindering the ability of the market to attract new demand, and ultimately rendering the artistic potential unrealized.
generation gap
Across the world, younger generations currently control a fraction of global wealth — of which Baby boomers control more than half of America’s wealth. This will change in the coming decades, with wealth being passed on to the younger generation through inheritance.
When we consider:
- Younger generations are familiar with attributing asset value to collectibles and exclusivity – as evidenced by the craze for collectibles like rare Pokemon cards and pure cosmetics in online games.
- These generations are much more attuned to new online technologies, including cryptocurrencies and NFTs, than their parents.
it became It is clear that most of this wealth will go into this new digital asset class.
Blockchain brings benefits
So far, the NFT industry has entered a relatively niche area of demand for digital art and generating collections of NFT avatars, such as Cypherpunk or bored ape. However, Adopting NFTs as transferable certificates of title for physical art can provide key advantages For artists and collectors. That’s the approach we take with our Out of Africa series.
The first improvement involves reducing costs and increasing industry efficiency. Galleries and auction houses provide valuable services to industry players, however, these premium businesses have high overheads—requiring a large number of middlemen to incur costs in art transactions. These costs are usually shared between buyers and sellers. Delivery costs can also add to the final price for buyers—even if the artwork is purchased as an investment, and doesn’t want to show the artwork.
Blockchain presents an opportunity to aggressively reduce these costs while preserving enough profits for traditional galleries and auction houses to continue operating.Secondary market sales for NFTs Out of Africa series, a total of 10% of the sales price was taken away by the agreement, however, it did not enter the hands of the sales platform, but the distribution was more fair—— Share these loot with the community and artists. If you hold the NFT purely as a speculative investment, there is no need to take delivery either, and the NFT can be sold to a new owner who can then choose (or not) to take delivery.
The second addressable issue is opacity and concerns about provenance. With more than half of art sales being privately traded, it is difficult to know what the fair market valuation of the art might be because in many cases it is not possible to look at the sales history.Also, even in public sales such as auctions, the identities of bidders are often not revealed — leaving onlookers questioned authenticity of sale This can drive an explosion in artist valuations. Another area where NFT technology can improve is authenticity and provenance. Adopting the blockchain to track art transactions can help solve these problems.
In addition to these issues, other benefits include allowing Royalty-Driven Revenue Model For physical art, as well as unlocking true global demand and helping eliminate unnecessary shipping costs. This translates into greater demand and better outcomes for artists. In the case of the Out of Africa collection, these artworks are securely stored on behalf of the NFT holder, and if the holder holds it for speculative purposes and without custody, there is no delivery cost to the owner.
“The Out of Africa Collection consists of 118 unique NFTs on the Ethereum blockchain, the first time many artists have worked in the NFT space. This collection is a triumph for these artists and represents some of the best newcomers, upcoming and mature talent.” – Marelize van Zyl, Curator of Out of Africa Series
While the art world is clearly ripe for disruption, the legal framework is still catching up. The Out of Africa series hopes to blaze a path towards widespread acceptance of the utility that NFT technology can provide beyond digital art — and hopes to spark an industry revolt against unfair and inefficient practices.
If you want to keep up with the latest news, Sign up for our newsletter And follow us on our social media channels.If you’d like to learn more about how the project works, including the sales process and innovative community features (including a collection of 1770 Deflation Poster NFTs you can own for free!), check out our previous Medium or Wright paper.
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Image Source: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.
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